2025政策篇丨大幅调整近尾声，行业地位显著提高，10年从行业发展到顶层设计，130条政策书写保险业变迁

Core Insights - 2025 is a pivotal year for the insurance industry, marking the end of significant policy adjustments and setting the stage for a new era in 2026 [3][31] - The insurance sector's role in the economy is increasingly prominent, with a notable shift in policy focus towards technology innovation, internationalization, and healthcare [3][8] Policy Adjustments - A total of approximately 130 insurance-related policies were issued in 2025, slightly fewer than the 133 in 2024, indicating a stabilization in policy-making expectations [4][5] - The frequency of policy issuance varied, with a peak in July 2025, contrasting with the high issuance months of November and December 2024 [7][8] Regulatory Dynamics - The Financial Regulatory Authority was the most active in issuing policies, with 47 standalone documents, while joint releases totaled 41, indicating a strong regulatory presence [10] - The number of policies issued by the State Council increased significantly, from 7 in 2024 to 15 in 2025, reflecting a heightened focus on the insurance sector [10] Investment Trends - By the end of Q3 2025, the total balance of insurance funds reached 37.46 trillion yuan, a 16.5% increase year-on-year, with equity asset allocation rising to 22.5% [13] - The number of equity stakes acquired by insurance funds reached 39 in 2025, the highest since 2016, driven by supportive policies encouraging market entry [13] Focus Areas - The 2025 policy landscape shifted towards "insurance fund utilization" and "promoting consumption," with a notable emphasis on integrating insurance into broader economic strategies [11][19] - The insurance industry is increasingly involved in the aging population sector, with policies encouraging investment in comprehensive elderly care services [18][19] Healthcare Integration - The insurance sector is transitioning to a comprehensive health guardian role, moving beyond simple compensation to include preventive and management services [24] - Key policies in 2025 focused on commercial health insurance, innovative drugs, and the overall quality of healthcare insurance [25] Consumption Promotion - Policies released in 2025 frequently mentioned "promoting" and "boosting" consumption, highlighting the insurance industry's role in enhancing consumer confidence and spending [26][28] - Insurance products are being utilized to stabilize consumer expectations and directly stimulate spending in various sectors, including tourism and elderly care [28] Historical Context - Over the past decade, the insurance policy direction has evolved from a focus on risk compensation to a more structured approach emphasizing systemic design and integration into national strategies [29][30] - The transition reflects a broader shift towards value-driven growth, with the insurance industry expected to play a crucial role in supporting economic resilience and social stability [31][32]